Impressive Growth in Cyprus Tourism Revenue: €223.3m in Q1 2024, Surging 11.7% YoY

Revenue from tourism reached an estimated €223.3m in January–March 2024, rising 11.7% compared to €200m in the first quarter of 2023, Cystat said.

Based on the results of its Passengers Survey, in March, revenue from tourism reached €113m, compared to €97.8m in the corresponding month of 2023, recording an increase of 15.5%.

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The average expenditure per person was €558.88 in March 2024 compared to €530.72 in March 2023 (up 5.3%).

Tourists from the United Kingdom, again Cyprus’ largest tourist market with 31.8% of the total in March, spent on average €73.49 per day, while tourists from Poland, the second largest market with 10.4% of total tourists, spent on average €75.86.

Tourists from Germany, the third largest market with 9.8%, spent on average €98.66 per day, while tourists from Greece with 9% of the market, spent on average €43.37 per day.

Finally, tourists from Israel, the fifth place on the market with 8.2%, spent on average €143.21 per day.

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Cyprus Introduces Performance-Based Funding For Public Research

by THEFUTURE.TEAM

July 24, 2026

Cyprus is introducing a new performance-based funding model for publicly financed research organizations, linking state support to measurable results for the first time.

A New Framework For Research Funding

Approved by the Cabinet on Wednesday, the new mechanism establishes a more structured framework for funding public research organizations. Deputy Minister of Research, Innovation and Digital Policy Nikodimos Damianos said the system is expected to take effect in early 2027.

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First Phase Targets Centres Of Excellence

The first phase will cover Centres of Excellence co-financed through the Horizon Europe Teaming for Excellence programme with national and European funding.

According to Damianos, the objective is to preserve and further develop the research infrastructure, expertise and capabilities built in recent years, while supporting their transition into sustainable, long-term institutions under a formal funding framework.

Funding Tied To Performance Indicators

Under the new model, funding will be linked to performance against predefined indicators and targets. Organizations will be assessed across 18 indicators grouped into six areas: the research environment, internationalisation, scientific excellence, research performance, knowledge transfer and socio-economic impact.

Performance will be evaluated annually, while funding allocations will be reviewed every three years. The framework also introduces fiscal safeguards, including funding caps, assessments of each organisation’s actual financial needs and consideration of any other institutional state funding already received.

Positioning Research As A Strategic Public Investment

Damianos said the reform lays the groundwork for a new model of institutional support for research and innovation, aimed at strengthening scientific excellence and competitiveness while ensuring the transparent and efficient use of public funds.

He added that the framework is intended to support long-term benefits for both the Cypriot economy and society.

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